Industrial Production Rises More Than Expected in June

U.S. industrial production rose a seasonally adjusted 0.3% from May to June, according to a report from the U.S. Federal Reserve on Wednesday. The report indicated that industrial output dropped at an annual rate of 1.4%. Capacity utilization hit 78.4%, up 0.2 percentage points, which means there has been a rise of 2.6 percentage points over the past year. Auto and auto parts manufacturing dropped 3.7% in June, but output elsewhere in the sector rose 3.7% and manufacturing output did not change. There was a 1% increase in the mining sector last month, a shift from the 2.1% drop in mining production in May. Output in the utilities sector rose 1.5% in June, keeping with the 1.2% increase in May, and the 4.3% overall growth over the past 12 months. The June data puts an end to the six consecutive months in which industrial production failed to record an increase.

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